On Monday, the EUR/USD currency pair consolidated at the 1.1140 level. During today’s morning, the pair was trading at the given level.

It is likely that the exchange rate could gain support of the 100-hour SMA, as well the monthly R1 at 1.1135 and go upwards within the following trading session. In this case the rate could target the 1.1180 level.

However, note that the currency pair is pressured by the 55-hour SMA at 1.1145. Thus, if the given support does not hold, the Euro could depreciate against the US Dollar. In this case the pair could gain support of the 200-hour SMA at 1.1108.

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